Tom Lee's BitMine ETH Treasury Swells to 5.28M Coins as Ether Slide Deepens Paper Losses

BitMine Immersion, the crypto firm associated with strategist Tom Lee, has continued to build one of the market's largest corporate Ethereum treasuries even as sentiment around Ether deteriorates. The company now says it holds about 5.28 million ETH, equal to roughly 4.37% of Ethereum's total supply. The growing position comes as ETH remains in a sharp drawdown, ETF demand cools, and charts show a bearish setup that some traders argue could drag prices toward the $1,600 area in the months ahead. BitMine's accumulation plan, unveiled earlier in 2025, has become a focal point for investors watching corporate balance-sheet exposure to crypto. BitMine's Ethereum buildout BitMine began constructing its ETH position in mid-2025 after announcing a $250 million private placement designed to fund the strategy. By mid-July 2025, it disclosed holdings of about 163,142 ETH, valued near $500 million at the time. Subsequent updates and data indicated continued buying. Recent disclosures put BitMine's Ethereum treasury at 5.28 million ETH, around 4.37% of total supply, making it the largest publicly disclosed Ether treasury holder by share of supply. BitMine has framed the approach as a long-duration bet that Ethereum can rebound after large drawdowns, pointing to what it describes as a history of V-shaped recoveries. Lee reiterated that view in February, arguing that ETH's steep pullback could represent another accumulation window. In May, the company said it would slow the pace of new purchases rather than stop entirely, while keeping its longer-term objective of owning a meaningful minority share of Ethereum's supply. Losses widen as ETH weakens Ether has fallen more than 57% from its October 2025 peak, increasing scrutiny of the strategy's risk profile. ETH's market share has also slipped, with ETH dominance (ETH.D) drifting to around 10% from roughly 15% at the August 2025 high. On the technical side, traders have flagged a rising wedge pattern, with ETH testing the lower boundary. A confirmed break could imply a measured move toward $1,600, about 25% below recent levels. Using BitMine's reported 5.28 million ETH and an average purchase price of about $3,513 per ETH, that scenario would push unrealized losses to roughly $10.1 billion. A rebound from wedge support would change the near-term picture. A move toward the upper boundary near $2,530 would align with the 200-day exponential moving average and prior resistance around the $2,500 level, potentially reducing paper losses even if the broader accumulation thesis remains unchanged. ETF outflows and ecosystem concerns weigh on sentiment Beyond charts, Ethereum has faced governance and ecosystem headwinds that can influence risk appetite. Reports of Ethereum Foundation departures in recent months have fed uncertainty about development priorities. Persistent ETF outflows have also pressured both price action and liquidity. On-chain sentiment indicators have softened as well. Santiment reported that the bullish-to-bearish sentiment ratio deteriorated throughout May, shifting from supportive readings toward neutral-to-bearish levels, a pattern often seen during periods of underperformance. What investors are watching next Near-term attention is likely to center on three variables: ETH price action, the macro and Ethereum-specific catalysts driving flows, and whether the rising wedge support holds. If ETH regains traction and moves back toward resistance in the $2,500–$2,700 range, BitMine's unrealized losses could narrow and the treasury strategy may look more sustainable on a mark-to-market basis. If ETH breaks down toward $1,600, losses could accelerate, and questions around the size and pace of BitMine's accumulation would likely intensify. With BitMine still targeting a roughly 5% share of Ethereum's supply by December, the next several weeks in ETH trading may prove pivotal for both the company's portfolio optics and broader perceptions of corporate crypto treasury strategies. Source note: This story was originally published under the headline "Tom Lee's ETH portfolio falls $7.35B as Ether outlook turns bearish" on Crypto Breaking News.